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genesco inc (GN8) Details

Genesco Inc. sell shoes and hats. It operates Journeys, Journeys Kidz, and Shi by Journeys stores that offer footwear for young men, women, and children. It also operates Underground Station, Jarman, Hat World, Lids, Hat Shack, Hat Zone, Head Quarters, Cap Connection, Lids Kids, and Johnston & Murphy. As of Feb. 3, 2007, the company operated 2,009 stores in the U.S. and Puerto Rico, and 26 hat stores in Canada. Genesco also designs, sources, markets, and distributes footwear under its own Johnston & Murphy brand and under the licensed Dockers brand. The company was founded in 1925 and is based in Nashville.

genesco inc (GN8) Key Developments

Genesco Inc. Plans to Open 2,888 New Stores

May 29 15

Genesco Inc. announced that for the fiscal 2016, the company expects to open total 2,888 new stores.

Genesco Inc. Reports Consolidated Earnings Results for the First Quarter Ended May 2, 2015; Revises Earnings Guidance for the Fiscal Year Ending January 31, 2016; Reports Asset Impairments for the First Quarter Ended May 2, 2015; Provides Earnings Guidance for the Second Quarter of Fiscal 2016

May 29 15

Genesco Inc. reported consolidated earnings results for the first quarter ended May 2, 2015. For the quarter, the company reported net sales of $660,597,000 compared to $628,825,000 a year ago. Earnings from operations were $16,254,000 compared to $23,718,000 a year ago. Earnings from continuing operations before income taxes were $15,609,000 compared to $23,017,000 a year ago. Net earnings were $9,878,000 or $0.42 per basic and diluted share compared to $13,973,000 or $0.59 per diluted share a year ago. Adjusted earnings from continuing operations were $12.2 million, or $0.51 per diluted share, for the first quarter of fiscal 2016, compared to earnings from continuing operations of $19.3 million, or $0.81 per diluted share, for the first quarter of fiscal 2015. Total sales increased 5%, with consolidated comps up 4%. Performance was once again driven by strong trends in direct businesses. Direct comparable sales grew 27% and stores were up 3%. Direct as a percentage of retail businesses increased to over 8% this quarter. The difference in year-over-year earnings for the quarter was driven by a handful of anticipated factors, heavily weighted to the Lids Sports Group. Capital expenditures were $24 million.
The company updated earnings guidance for the fiscal year ending January 31, 2016. For the fiscal year 2016, the company expects earnings from continuing operations of $107,805,000 to $105,343,000 and adjusted earnings from continuing operations of $114,176,000 to $112,030,000. The company expects fiscal 2016 adjusted earnings per share in the range of $4.70 to $4.80, compared to previously announced range of $5.10 to $5.20 for fiscal 2016. The tax rate for fiscal 2016 is approximately 36.8%. The company also still expects that increased expense from a legacy pension plan will reduce full year earnings by another $0.05 per share. The company anticipates that total sales for the year will increase 4% to 6%, with consolidated comps, including direct, increasing 3% to 4%. The company expects gross margins to be down a little for the year, overall, for the company. This includes a gross margin decline at Lids from an already low base and relatively flat margins at Schuh, offset somewhat by improvements in other businesses. In the revised guidance for at least the first 3 quarters, overall gross margins will take a hit as it promotes to right size inventory at Lids, and then it believes will improve somewhat in the fourth quarter. The company is planning capital expenditures in the $115 million to $130 million, up a bit from last year's levels. The company anticipates spending on e-commerce, omnichannel, distribution center and other non-store capital to be a sizable portion of these amounts but also in line with last year's levels. Depreciation and amortization is estimated at approximately $81 million.
The effects of the Lids initiatives, among others, will be magnified by the fact that the second quarter is the quarter with the lowest sales and earnings for the year. Consequently, the company expects that earnings will again be down significantly, as a percentage from last year, in second quarter this year.
For the first quarter ended May 2, 2015, the company reported asset impairments of $0.7 million compared to $0.8 million a year ago.

Journeys Group Reports Earnings Results for the First Quarter Ended May 02, 2015

May 29 15

Journeys Group reported earnings results for the first quarter ended May 02, 2015. For the quarter, the company reported sales of $278,632,000 compared to $262,123,000 a year ago. Operating income was $24,422,000 compared to $19,677,000 a year ago.

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